Satishchandra Kashinath Patel vs. ITO, Ward-3(1), Nashik

Parties Involved

Facts Summary

The appellant, Satishchandra Kashinath Patel, filed an income return for the assessment year 2017-18 declaring a total income of Rs.4,03,180/-. The case was selected for scrutiny under CASS, and statutory notices were issued to explain cash deposits of Rs.15,85,380/- made with Nashik Merchants Co.op Bank Ltd. and State Bank of India. The appellant explained that the cash was received from the sale of immovable property belonging to the HUF in 2010, which was not deposited in the bank due to a dispute among the HUF members. The Assessing Officer made an addition of cash deposits as unexplained income under section 69A and taxed the same under section 115BBE. The appellant appealed to the National Faceless Appeal Centre (NFAC), which confirmed the Assessing Officer's action. The appellant then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. The addition of cash deposits of Rs.15,85,380/- as unexplained income under section 69A.

Judgment Outcome

Decided in favour of Assessee.

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